| Sr No |
PARTICULARS |
KEY FEATURES |
| 1 |
Acquisition and Holding |
- NRIs/PIOs are allowed to acquire or hold immovable property without any RBI approval.
- Acquisition can be by way of purchase, gift or inheritance.
- Acquisition can be for any number of immovable property, to the extent it is for investment purpose (and not as real estate business activity).
- Agriculture land, farm house and plantation property cannot be acquired or hold by NRIs/PIOs, except if so acquired by way of inheritance.
- Foreign citizens of foreign origin are not allowed to purchase immovable property.
|
| 2 |
Transfer |
- NRIs/PIOs are allowed to transfer the immovable property by way of sale or gift, without any RBI approval.
- Agriculture land, farm house and plantation property can be transferred by NRIs/PIOs to Indian citizens only.
|
| 3 |
Mode of Payment |
Payment for purchase of Immovable Property can be made:
- Remittance from abroad through normal banking channels
- Through funds held in NRE/FCNR/NRO account
- Loan from Authorised Dealer Bank/Housing Finance Institutions/Indian Company Employer
|
| 4 |
Repatriation of Sale Proceeds |
Repatriation is allowed to the extent of:
- Forex brought into India or amount debited to NRE/FCNR account, for the purchase of property and
- 1 Million US Dollars per Financial Year
|
| 5 |
Renting |
- NRIs/PIOs are allowed to rent out the immovable property without any prior approval of RBI.
- Rental Income is allowed to be credited to NRO/NRE account, and also allowed to be directly remitted abroad.
|
| 6 |
Citizenship Related Restriction |
- A person, who is citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran, China, Nepal or Bhutan, is not allowed to acquire/hold/transfer an immovable property, without a prior approval of Reserve Bank of India.
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